On November 8, Vitalik said on X that there was no need to be discouraged if fee burns remained far below the 10% break-even point over the long term; ETH’s value comes from elsewhere.
In the first nine months, burns offset only about 2% of new issuance, and net supply grew by 0.64%. So far, around 13,000 ETH have been burned, compared with 1.48 million in 2022. He said burns were never the real bottom line; most activity came from internal lending and buying digital art.
The new anchor is stability: decentralization, censorship resistance, and security. Ethlabs’ Binji Pande said ETH should be considered a quantum-resistant store of value.
The problem is that store-of-value territory belongs to $BTC , with its hard cap and ETFs. Staking now accounts for 36.36% of the $ETH circulating supply, and stablecoins on mainnet saw $25.8 trillion in transfers in the first ten months. The more the infrastructure is used, the less certain it is that token buying will keep pace.
The narrative has changed, but the books aren’t settled. ETH is currently trading at $2,058, down 3.2% in 24 hours.
In the first nine months, burns offset only about 2% of new issuance, and net supply grew by 0.64%. So far, around 13,000 ETH have been burned, compared with 1.48 million in 2022. He said burns were never the real bottom line; most activity came from internal lending and buying digital art.
The new anchor is stability: decentralization, censorship resistance, and security. Ethlabs’ Binji Pande said ETH should be considered a quantum-resistant store of value.
The problem is that store-of-value territory belongs to $BTC , with its hard cap and ETFs. Staking now accounts for 36.36% of the $ETH circulating supply, and stablecoins on mainnet saw $25.8 trillion in transfers in the first ten months. The more the infrastructure is used, the less certain it is that token buying will keep pace.
The narrative has changed, but the books aren’t settled. ETH is currently trading at $2,058, down 3.2% in 24 hours.
